The deal sees the company enter into an agreement, via a letter of intent, with the African-based mobile communications company, BeepTool for a portion of the bandwidth, commencing this year.
Sky and Space Global chief executive Meir Moalem says BeepTool — a mobile payments, messaging and voice app used by more than 800,000 customers across the African region and globally — continues to experience significant user growth and uptake and currently has a presence in the growing mobile money transfers and payments market in more than 50 countries.
Moalem says the agreement represents Sky and Space Global’s first entry into the mobile banking and financial services market which is expected to be a strong future demand driver for communications bandwidth.
“We are pleased to have secured further early stage commercialisation via this agreement.
“BeepTool has a strong and growing presence across the African continent and we look forward to working together to bring communications coverage to millions of people across the African continent.”
BeepTool chief executive, Precious Ada Enoh said: “BeepTool and Sky and Space Global have a shared vision to provide affordable communications services to millions of people across the African continent and we look forward to working together in the years to come.
“We operate in the booming mobile money market which continues to grow across Africa, especially in areas of poor connectivity. With the future assistance of Sky and Space Global, we can continue to expand our business and allow users to call, text and transfer money in geographic areas that currently lack adequate communications coverage.”
The ASX-listed Sky and Space Global (ASX:SAS) owns 100% of Sky and Space Global (UK), a UK incorporated company with European and Israeli centres of aerospace, satellite and software industry experts.